NASDAQ - Engulfing on 4H chart, more downsidside expected.
Trade Idea
Broken out of the channel formation to the downside.
A mild correction has been posted from yesterday’s low, this is seen as a retest of the breakout level.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 7500, resulting in improved risk/reward.
Stop: 7570
Target 1: 7160
Target 2: 7000
Broken out of the channel formation to the downside.
A mild correction has been posted from yesterday’s low, this is seen as a retest of the breakout level.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 7500, resulting in improved risk/reward.
Stop: 7570
Target 1: 7160
Target 2: 7000
Comment:
Trade triggered.
Comment:
Moving the stop to 7615 - Just above the high of the session.
Comment:
***7515
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